Asian stocks rally after Trump's Supreme Court tariffs blow

Weather - Sydney 10°C

Asian stocks rally after Trump's Supreme Court tariffs blow

ECONOMY 23.02.2026

Asian stocks rally after Trump's Supreme Court tariffs blow / Photo: © AFP/File

Asian stocks mostly rose and the dollar fell Monday after the US Supreme Court struck down a large part of President Donald Trump's tariffs policy that had sent shockwaves through the global economy last year.

Change text size:

The rally was led by tech firms, which have been at the forefront of regional gains this year as traders turn away from Wall Street to seek out cheaper investments amid concerns about extended valuations.

Trump's trade agenda was dealt a hefty blow Friday when the country's top court ruled that the International Emergency Economic Powers Act used by the White House to impose sweeping levies in April "does not authorise the president to impose tariffs".

A furious president immediately vowed to impose a global tariff of 10 percent under a separate authority, before raising it to 15 percent on Saturday.

However, the development fanned a fresh round of uncertainty, with calls growing for the government to repay cash taken under the scheme and analysts warning officials would likely pursue other ways of imposing his tolls.

"The first observation to make is that IEEPA tariffs may be dead, but Trump's trade regime isn't," wrote Rodrigo Catril at National Australia Bank.

"The administration has several avenues it can pursue, these are likely to be litigated over several years, but there is no sign President Trump is planning to back down.

"Another conclusion is that the tariff landscape is now more uncertain than before, uncertainty is not good news for any economy or market.

"Unless commonsense prevails, we could be entering a circular process where new tariffs are announced, then potentially overturned, only for new tariffs to be announced, and we do the dance again."

The decision also raised questions about trade deals Washington has signed.

European leaders had been due to approve the EU-US deal on Tuesday but the head of the European Parliament's trade committee said he would call Monday for putting "legislative work on hold until we have a proper legal assessment and clear commitments from the US side".

And Bloomberg reported that Indian trade officials will postpone a trip to the United States aimed at finalising their interim agreement.

Still, Asian investors welcomed the news, which is seen benefiting China and India, with tech firms the best performers.

Hong Kong rose more than two percent, with ecommerce titans Alibaba and JD.com surging more than three percent, while Seoul hit another record high thanks to big advances for chipmakers Samsung Electronics and SK hynix.

Singapore, Wellington, Taipei and Manila also rose, though Sydney dipped. Tokyo and Shanghai were closed for holidays.

The strong start to the week followed gains on Wall Street, where the tariff ruling overshadowed data showing the US economy grew much slower than expected in the fourth quarter of 2025, when it was hit by the extended government shutdown.

The uncertainty also weighed on the dollar, which was well down against the yen, pound and euro.

And oil prices dropped more than one percent amid hopes for an Iran nuclear deal.

That has tempered last week's concerns about a possible US strike on the country after Trump warned "bad things happen", as he deployed warships, fighter jets and other military hardware to the Middle East.

- Key figures at around 0220 GMT -

Hong Kong - Hang Seng Index: UP 2.5 percent at 27,066.21

Shanghai - Composite: Closed for a holiday

Tokyo - Nikkei 225: Closed for a holiday

Euro/dollar: UP at $1.1823 from $1.1788 on Friday

Pound/dollar: UP at $1.3517 from $1.3487

Euro/pound: UP at 87.47 pence from 87.37 pence

Dollar/yen: DOWN at 154.15 yen from 155.02 yen

West Texas Intermediate: DOWN 1.3 percent at $65.63 per barrel

Brent North Sea Crude: DOWN 1.3 percent at $70.86 per barrel

New York - Dow: UP 0.5 percent at 49,625.97 (close)

London - FTSE 100: UP 0.6 percent at 10,686.89 (close)

F.Jackson--TNT

Featured

Carney touts Canada 'pivot' away from US as tariffs rise

Canadian Prime Minister Mark Carney on Tuesday said reducing economic ties with the United States would come at a cost but the long-term benefits were clear, as retaliatory tariffs on US products took effect.

The "Everlasting Battery" Inside Your Joints:UConn Professor's Self-Powered Healing Material just Got Acquired

A material that turns your own movement into medicine has just landed a corporate home. PetVivo Holdings (OTCQX: PETV), a veterinary biotech and biomedical device company focused on treating osteoarthritis in dogs and horses, has acquired PiezoBioMembrane (PBM) — a startup built around a biodegradable implant that generates electricity from the everyday force of a joint in motion, and uses that charge to help regrow cartilage from the inside out. The material is the invention of Thanh Nguyen, a professor of mechanical engineering in UConn's College of Engineering, who founded PBM in 2021 to advance new implementation methods for his work with piezoelectric materials — substances that convert mechanical force into electrical energy. These materials are typically ceramics: hard, brittle, and poorly suited for medical use. But Nguyen's lab developed new forms that are so , flexible, and biodegradable, breaking down naturally within the body over time. wound healing, The materials have already shown strong potential across a range of medical applications, including tissue regeneration, implanted force sensors, and targeted drug delivery in tumor treatment. How It Works biodegradable ultrasound for In the case of arthritis, Nguyen explains, the piezoelectric materials function as an off-the-shelf product that can be implanted or injected directly into the ailing joint — with no drugs, chemicals, or cells required. The everyday force exerted on the joint generates a small electrical charge, which helps regrow healthy cartilage, mimicking the body's natural use of electricity to regenerate tissue. "The body can be electrically stimulated to regrow," Nguyen says. PBM's materials "act like a battery — an everlasting battery that works whenever there is a force applied, and vanishes safely inside the body over time." PetVivo's Vision for the Acquisition PetVivo Holdings CEO John Lai expressed enthusiasm for the merger's potential to improve the lives of companion animals globally. "PBM has developed a compelling functional biomaterials platform with the potential to support the development of multiple medical device and therapeutic product lines across both human and animal health markets," Lai said in a press release. "By combining PBM's scientific innovation with PetVivo's product development capabilities, commercialization experience, regulatory expertise, and public company infrastructure, we believe we can accelerate theadvancement of technologies that may serve as the foundation for numerous future products and strategic opportunities." For Nguyen, the deal is a chance to scale technology that could eventually benefit both animals and people. "PetVivo is an animal health company, but they do have a big passion: pushing the technology towards clinical trials for human use," Nguyen says. "That aligned perfectly with my passion for developing technology that has an impact on human life. That is why I am excited about this merger, which facilitates my passion." A Track Record of Innovation Nguyen's research sits at the intersection of medicine, micro/nanotechnology, and biomaterials. His inventions have earned him publications in prominent scientific journals and media coverage from outlets including NPR. Nguyen founded PBM during the COVID-19 pandemic, a er realizing the material he had developed could be used to create an especially effective, biodegradable face mask — one where the mechanical force of breathing generated an electrical charge that provided an extra layer of protection against viruses. PBM is not Nguyen's only venture in the acquisition pipeline. His other startup, Single-Time Microneedles (STM), is also currently undergoing an acquisition process. STM has pioneered stable, efficient vaccine delivery technology in the form of an adhesive patch. shelfNguyen's focus on biodegradable materials has translated into a remarkably diverse range of medical applications. He has received five R01 grants from the National Institutes of Health (NIH) supporting research in cartilage regeneration, bone regeneration, HIV antibody delivery systems, and biodegradable ultrasound technology to boost the effectiveness of chemotherapy for brain cancer. "Whatever we are working on, we want to show that it works very well in vitro and in vivo," Nguyen says. "Then, when we are at the point of commercialization, we set up a startup or license the technology — or maybe team up with an industry partner." Thanh Nguyen is a professor of mechanical engineering in UConn's College of Engineering. (Courtesy of Thanh Nguyen

Octrado introduces its proprietary trading offering: "Your Skill. Our Capital"

Infrastructure, transparent rules and clear legal boundaries positioned as the core of the funded-account model

Could gas prices return to 2022 highs on US-Iran war?

European gas prices have more than doubled owing to the US-Iran war, just as Europe needs to replenish its reserves ahead of winter.

Change text size:

The National Times - Asian stocks rally after Trump's Supreme Court tariffs blow